This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.
The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.
This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.
Chapter 9: Social Impact of the Crisis on Asian Emerging Markets: Globalization, Social Protection, and Informal Employment
Social Impact of the Crisis on Asian Emerging Markets: Globalization, Social Protection, and Informal Employment
Asia and the Crisis
The global financial crisis is generally considered to have started in August 2007 with the disturbances in the U.S. sub-prime and asset-backed securities markets, and their spread to the financial markets of Western Europe (particularly Germany), necessitating extraordinary liquidity support by the European Central Bank. The business cycle dating committee of the National Bureau of Economic Research in Cambridge MA has since officially dated the U.S. recession as having begun in December 2007. Accordingly, as at the time this is being written, in March 2010, the global financial crisis in the advanced countries ...